Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

Financial Accounting

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

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Multiple Choice

A(n) ______ forecast predicts revenues, costs, and expenses for a period of one year or less.

short-term

long-term

strategic

capital

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Verified step by step guidance

Understand the concept of forecasting in financial accounting, which involves predicting future financial outcomes based on historical data and assumptions.

Recognize that forecasts can be categorized based on their time horizon: short-term (less than a year), long-term (more than a year), strategic (focused on long-term goals), and capital (related to investments in assets).

Focus on the term 'short-term forecast,' which specifically predicts revenues, costs, and expenses for a period of one year or less.

Compare the definitions of the other options (long-term, strategic, and capital) to ensure they do not match the criteria of predicting financial outcomes for a period of one year or less.

Conclude that the correct answer is 'short-term,' as it aligns with the definition provided in the problem.